ATLANTA, April 12, 2018 (GLOBE NEWSWIRE) -- Tzadik Management announced Monday the acquisition of six off market, direct to seller, multi-family apartment communities in the state of Georgia. This acquisition totals 1,010 units that span between Houston, Dougherty and Clayton Counties. This marks yet another group of properties Tzadik has acquired outside the state of the Florida.
A groundbreaking acquisition for Tzadik Management, they now own and manage 27 communities throughout the Southeastern United States. “We are very excited to have been able to execute this acquisition. We have been looking to break back into the Georgia market for some time and we really felt this was the best opportunity to make it happen” said Founder and CEO, Adam Hendry.
Alexander Kaushansky, Vice President, Originations at Arbor Realty Trust, Inc., helped arrange acquisition financing for the portfolio. "It was a pleasure assisting on this sizeable reentry into the Georgia market," Kaushansky said. "Tzadik has a strong vision for the future of these properties, and Arbor was able to support that vision with customized bridge financing combining excellent loan terms, speed and certainty of execution."
Closing at just over $36 million, this deal is their largest acquisition since 2016 when they acquired 1,244 units across Orlando and Daytona Beach. This expansion is a trend the company is looking to continue. “We felt that this deal fit in line with our 5 year strategy of acquiring assets in secondary and tertiary markets to get us to 100,000 units” said Chief Investment Officer, Alex Arguelles. Tzadik has become one of the fastest growing Management companies in the Southeast over the past several years.
Tzadik is a fast growing, innovative, and driven real estate and property management company based in Miami, Florida. Since its formation in 2007, Tzadik has managed over $700 million in apartment complexes and over 11,000 units in over 20 states as well as the Caribbean. Through excellent management, a focus on company culture, and a tech driven style of operating, Tzadik management has established a reputation for building lasting relationships.
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Source: Tzadik Management